The Economic and Financial Crimes Commission (EFCC) has said the over N50 billion recovered from fraudsters in 2024 was among the funds invested into the Nigerian Education Loan Fund (NELFUND).
The News Agency of Nigeria (NAN) reports that this information is based on the EFCC’s 2024 statistical report made available to reporters yesterday in Abuja.
NAN also reports that NELFUND was established through the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Ahmed Tinubu on April 3, last year.
The initiative is a programme established by the Federal Government of Nigeria to break financial barriers in higher education.
In its report, the anti-graft agency described its activities in 2024 as its greatest achievements, especially its largest single-year asset recovery since its establishment in 2003.
The statistics indicated that the N50 billion granted to NELFUND by the Federal Government was sourced from the monetary recoveries of the EFCC.
“Such monetary recoveries include N364.6 billion; $214.51 million; 54,319 euro; 31,265 euro; Canadian dollar (CAD) $2,990 and Australian dollar (AUD) $740.00.
“Others are: the French franc (CFA) 7,821,375, United Arab Emirates (UAE) Dirham 170, Saudi Arabian 5,115 Riyals, Japanese W73,000,105 Yen, Ghana’s cedi (GH¢) 225 and South Africa’s 50,000 Rands,” it said.
According to the commission, some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people.
The anti-graft agency attributed its success to the dedication of its officers and the enabling environment provided by management and stakeholders.
Also, the EFCC has said it secured 4,111 convictions in 2024 – its highest in its 22-year history. These were from 15,724, petitions, 12,928 investigations, and 5,083 prosecutions.
